FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

DOLLAR decline continued on a broad weakness as investors’ appetite in owning US bonds shifted over the course of the past few days following inflationary pressures.

Majors and the commodities saw another consecutive session of gains while equities recovery prolonged.

Markets will focus on today’s UK Retail Sales and the US Building Permits.

Today’s Forecast for Important Trading Indicators

Market Movers

• EURUSD – EURO rally drags on amid good data, weak USD; eyes on breaking strong resistance. Euro-Dollar continued its bullish rally following an array of positive data from the Eurozone and attributed also to a weaker US counterpart. The Thursday session saw investors pushing the price to fresh 10-day highs, attempting to create a new multiyear high above $1.25. The pair could either form a double top or break past the aforementioned hurdle as investor sentiment weighs in; no signs of exhaustion are seen.

• GBPUSD – POUND rally continues on broader DOLLAR weakness, $1.40 struggles cease – for now. POUND posted 100 pips gains in the Thursday session continuing the upward trend and punched through the $1.40 handle following an array of bullish trading session this week. With no events on the economic calendar, US inflation pressures certainly weighed in on the DOLLAR’s weakness and led Cable onto a winning streak. Today we are expecting the UK Retail Sales at 09:30 GMT.
• USDJPY – YEN soars to a 3-Month high against DOLLAR, PPI holds firm yet US currency under stress. Dollar-Yen moved to a lower low of 106 following a boost of the safe-haven owed to the recent turbulence in the markets and of course to the poor Retail Sales figures seen recently. Despite the substantial gain of the Core PPI, another inflation reading, greenback provided no bounceback while the equities carved out another day of greens.
• USOIL – OIL confirms continuation pattern following a correction at $58 while refinery activity slows. WTI remained above the $60 level on Thursday and action was seen despite many markets were closed for the New Chinese Year. Equities and a weaker DOLLAR supported the move but the rebound was limited due to concerns surrounding US Production projections. Oil trades near $61.50 per barrel.

• XAUUSD – GOLD ranging yet closes the session bullish while USD fails to win over investors. Spot GOLD traded sideways in the Thursday session as investors started securing some profits while price was still offering some good returns. At the same time, demand was raising amidst the Lunar New Year, seeing the effect counter-balancing the precious metal’s rate. GOLD bulls seem determined to push price higher (technical perspective) but this may be on a subdued note during the last trading day of the week.
• US Indexes – DJ soared by 1.23, S&P 500 by +1.21%.
• European Indexes – UK 100 appreciated by 0.29%, DE 30 by a marginal 0.06%.
• Asian Indexes – ASX 200 lost 0.06%, Nikkei 225 saw an upsurge of 1.19%, Hang Seng trades 1.97% higher.
• US Equities – Tesla jumped 3.65% higher, Apple behind with a rise of 3.36 %.